02 Aug 2024
The Union Budget for 2024-25 brings forth a series of transformative measures aimed at revitalising the real estate sector. Key highlights include the advanced digitisation of land records in urban and rural areas, potential stamp duty reductions with a focus on women, the rollout of Pradhan Mantri Awas Yojana 2.0 promising 3 crore new homes, a simplified capital gains tax structure, and reforms in rental income taxation.
As India unveils the Union Budget for 2024-25 (Budget), the real estate sector stands on the cusp of significant change. The government’s latest proposals are set to address longstanding challenges and unlock new growth avenues. From technological advancements in land record management to fiscal incentives designed to spur development and homeownership, this Budget reflects a comprehensive approach to building an inclusive real estate market. This article delves into the key proposals in the Budget for the real estate sector, exploring its potential impact on various stakeholders and the broader economic landscape.
In a significant effort towards optimisation of land title management, for urban areas, the Budget proposes enhanced digitisation of land records with the integration of a geoinformatics system (GIS) (i.e., a system of capturing, storing, displaying, and checking geographical data) and land tax administration with the aid of IT systems. For rural areas, the Budget proposes assigning Unique Land Parcel Identification Numbers (ULPIN) or a ‘Bhu-Aadhaar‘ for all lands, in addition to digitisation of cadastral maps, details of sub-divisions, and establishment of a land registry linked to farmers registry. These steps should play an instrumental role in enabling stakeholders to expeditiously conduct title searches on land plots in India.
The Budget encourages state governments to rationalise stamp duties on property transactions and emphasises the need for such rationalisation, specifically for women. States with comparatively higher stamp duties, such as Kerala, Madhya Pradesh, Meghalaya, Assam, Tamil Nadu, and West Bengal, are likely to witness such rationalisation. The duty rationalisation in Maharashtra (during COVID-19 in 2020-21) is an indicator that such a move could not only lead to an uptick in transactions but also in revenues for state exchequers.
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